Comprehensive Stock Comparison
Compare TeraWulf Inc. (WULF) vs Cipher Mining Inc. (CIFR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | WULF | 102.3% revenue growth vs CIFR's 48.0% |
| Quality / Margins | WULF | -51.7% net margin vs CIFR's -367.2% |
| Stability / Safety | WULF | Beta 2.58 vs CIFR's 2.81 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WULF | +287.1% vs CIFR's +282.4% |
| Efficiency (ROA) | CIFR | -19.2% ROA vs WULF's -23.0%, ROIC -15.8% vs -10.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
TeraWulf is a bitcoin mining company that develops, owns, and operates large-scale mining facilities in the United States. It generates revenue primarily from bitcoin mining rewards — converting electricity into digital assets — with additional income from hosting services for other miners. The company's competitive advantage lies in its access to low-cost, sustainable energy sources — particularly nuclear and hydroelectric power — which gives it superior mining economics.
Cipher Mining is a Bitcoin mining company that operates large-scale data centers to validate transactions and earn newly minted Bitcoin. It generates revenue primarily from Bitcoin mining rewards — which account for nearly all its income — with a small portion from transaction fees. The company's competitive advantage lies in its strategic access to low-cost renewable energy in Texas and its vertically integrated operations that control both mining hardware and infrastructure.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
WULF leads in 3 of 6 categories (Financial Metrics, Total Returns). CIFR leads in 2 (Valuation Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
CIFR is the larger business by revenue, generating $224M annually — 1.6x WULF's $140M. Profitability is closely matched — net margins range from -51.7% (WULF) to -3.7% (CIFR).
| Metric | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|
| RevenueTrailing 12 months | $140M | $224M |
| EBITDAEarnings before interest/tax | -$72M | $29M |
| Net IncomeAfter-tax profit | -$564M | -$822M |
| Free Cash FlowCash after capex | -$677M | -$696M |
| Gross MarginGross profit ÷ Revenue | +55.3% | -60.5% |
| Operating MarginEBIT ÷ Revenue | -54.4% | -76.7% |
| Net MarginNet income ÷ Revenue | -51.7% | -3.7% |
| FCF MarginFCF ÷ Revenue | -2.1% | -3.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -17.7% | -36.6% |
Valuation Metrics
| Metric | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|
| Market CapShares × price | $7.1B | $6.3B |
| Enterprise ValueMkt cap + debt − cash | $7.3B | $5.7B |
| Trailing P/EPrice ÷ TTM EPS | -77.24x | -7.26x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 199.04x |
| Price / SalesMarket cap ÷ Revenue | 50.87x | 28.21x |
| Price / BookPrice ÷ Book value/share | 23.31x | 7.12x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
CIFR delivers a -98.4% return on equity — every $100 of shareholder capital generates $-98 in annual profit, vs $-2 for WULF. CIFR carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to WULF's 2.01x.
| Metric | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -2.3% | -98.4% |
| ROA (TTM)Return on assets | -23.0% | -19.2% |
| ROICReturn on invested capital | -10.6% | -15.8% |
| ROCEReturn on capital employed | -15.9% | -8.0% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 3 |
| Debt / EquityFinancial leverage | 2.01x | 0.07x |
| Net DebtTotal debt minus cash | $217M | -$573M |
| Cash & Equiv.Liquid assets | $274M | $628M |
| Total DebtShort + long-term debt | $491M | $55M |
| Interest CoverageEBIT ÷ Interest expense | -27.06x | -5.25x |
Total Returns (with DRIP)
A $10,000 investment in WULF five years ago would be worth $21,413 today (with dividends reinvested), compared to $15,072 for CIFR. Over the past 12 months, WULF leads with a +287.1% total return vs CIFR's +282.4%. The 3-year compound annual growth rate (CAGR) favors WULF at 193.7% vs CIFR's 117.3% — a key indicator of consistent wealth creation.
| Metric | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +27.3% | -3.7% |
| 1-Year ReturnPast 12 months | +287.1% | +282.4% |
| 3-Year ReturnCumulative with dividends | +2434.4% | +926.3% |
| 5-Year ReturnCumulative with dividends | +114.1% | +50.7% |
| 10-Year ReturnCumulative with dividends | +77.6% | +57.6% |
| CAGR (3Y)Annualised 3-year return | +193.7% | +117.3% |
Risk & Volatility
WULF is the less volatile stock with a 2.58 beta — it tends to amplify market swings less than CIFR's 2.81 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WULF currently trades 87.6% from its 52-week high vs CIFR's 61.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.58x | 2.81x |
| 52-Week HighHighest price in past year | $18.51 | $25.52 |
| 52-Week LowLowest price in past year | $2.06 | $1.86 |
| % of 52W HighCurrent price vs 52-week peak | +87.6% | +61.1% |
| RSI (14)Momentum oscillator 0–100 | 64.4 | 51.0 |
| Avg Volume (50D)Average daily shares traded | 24.9M | 25.2M |
Analyst Outlook
Wall Street rates WULF as "Buy" and CIFR as "Buy". Consensus price targets imply 68.7% upside for CIFR (target: $26) vs 38.7% for WULF (target: $23).
| Metric | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $22.50 | $26.31 |
| # AnalystsCovering analysts | 11 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 1 | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.7% | +1.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Nov 20 | Feb 26 | Change |
|---|---|---|---|
| TeraWulf Inc. (WULF) | 100 | 343.73 | +243.7% |
| Cipher Mining Inc. (CIFR) | 100 | 159.7 | +59.7% |
TeraWulf Inc. (WULF) returned +114% over 5 years vs Cipher Mining Inc. (CIFR)'s +51%. A $10,000 investment in WULF 5 years ago would be worth $21,413 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| TeraWulf Inc. (WULF) | $18M | $140M | +697.1% |
| Cipher Mining Inc. (CIFR) | $0.00 | $224M | — |
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2025 | Change |
|---|---|---|---|
| TeraWulf Inc. (WULF) | 0.8% | -51.7% | -6826.7% |
| Cipher Mining Inc. (CIFR) | -12.9% | -3.7% | +71.4% |
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| TeraWulf Inc. (WULF) | -0.03 | -0.21 | -552.2% |
| Cipher Mining Inc. (CIFR) | -0.01 | -2.15 | -42900.0% |
Chart 5Free Cash Flow — 5 Years
TeraWulf Inc. generated $-292M FCF in 2024 (-120% vs 2021). Cipher Mining Inc. generated $-696M FCF in 2025 (-1792% vs 2021).
WULF vs CIFR: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is WULF or CIFR a better buy right now?
Analysts rate TeraWulf Inc. (WULF) a "Buy" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — WULF or CIFR?
Over the past 5 years, TeraWulf Inc. (WULF) delivered a total return of +114.1%, compared to +50.7% for Cipher Mining Inc. (CIFR). A $10,000 investment in WULF five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WULF returned +77.6% versus CIFR's +57.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — WULF or CIFR?
By beta (market sensitivity over 5 years), TeraWulf Inc. (WULF) is the lower-risk stock at 2.58β versus Cipher Mining Inc.'s 2.81β — meaning CIFR is approximately 9% more volatile than WULF relative to the S&P 500. On balance sheet safety, Cipher Mining Inc. (CIFR) carries a lower debt/equity ratio of 7% versus 2% for TeraWulf Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — WULF or CIFR?
TeraWulf Inc. (WULF) is the more profitable company, earning -51.7% net margin versus -367.2% for Cipher Mining Inc. — meaning it keeps -51.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WULF leads at -54.4% versus -76.7% for CIFR. At the gross margin level — before operating expenses — WULF leads at 55.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Which pays a better dividend — WULF or CIFR?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
06Is WULF or CIFR better for a retirement portfolio?
For long-horizon retirement investors, TeraWulf Inc. (WULF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding. Cipher Mining Inc. (CIFR) carries a higher beta of 2.81 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (WULF: +77.6%, CIFR: +57.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
07What are the main differences between WULF and CIFR?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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